Treace Medical Concepts (NASDAQ:TMCI) Rating Lowered to Equal Weight at Morgan Stanley

Morgan Stanley cut shares of Treace Medical Concepts (NASDAQ:TMCI) from an overweight rating to an equal weight rating in a research report released on Wednesday morning, MarketBeat.com reports. Morgan Stanley currently has $5.50 price target on the stock, down from their previous price target of $15.00.

Several other research firms also recently issued reports on TMCI. Truist Financial downgraded Treace Medical Concepts from a buy rating to a hold rating and dropped their price objective for the stock from $17.00 to $7.00 in a report on Wednesday. Stifel Nicolaus lowered shares of Treace Medical Concepts from a buy rating to a hold rating and dropped their price target for the stock from $15.00 to $6.00 in a research note on Wednesday. JPMorgan Chase & Co. cut shares of Treace Medical Concepts from an overweight rating to a neutral rating and cut their price target for the company from $15.00 to $8.00 in a report on Wednesday. Finally, BTIG Research lowered shares of Treace Medical Concepts from a buy rating to a neutral rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Treace Medical Concepts presently has an average rating of Hold and an average price target of $13.57.

Treace Medical Concepts Price Performance

Shares of TMCI stock opened at $4.17 on Wednesday. The firm has a fifty day simple moving average of $11.82 and a 200-day simple moving average of $11.67. The company has a market capitalization of $257.54 million, a PE ratio of -5.15 and a beta of 0.37. Treace Medical Concepts has a twelve month low of $3.92 and a twelve month high of $27.70. The company has a current ratio of 4.40, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38.

Treace Medical Concepts (NASDAQ:TMCI) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.30) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.30). Treace Medical Concepts had a negative net margin of 26.47% and a negative return on equity of 33.96%. The company had revenue of $51.11 million during the quarter, compared to analysts’ expectations of $49.07 million. During the same period in the prior year, the company posted ($0.23) EPS. The firm’s revenue for the quarter was up 21.1% on a year-over-year basis. Equities research analysts anticipate that Treace Medical Concepts will post -0.91 earnings per share for the current fiscal year.

Institutional Trading of Treace Medical Concepts

Several institutional investors have recently added to or reduced their stakes in TMCI. Bank of New York Mellon Corp boosted its holdings in shares of Treace Medical Concepts by 1.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 166,350 shares of the company’s stock valued at $2,181,000 after buying an additional 3,051 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Treace Medical Concepts by 20.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,161 shares of the company’s stock valued at $107,000 after purchasing an additional 1,376 shares during the last quarter. Kornitzer Capital Management Inc. KS grew its holdings in shares of Treace Medical Concepts by 6.9% during the third quarter. Kornitzer Capital Management Inc. KS now owns 677,733 shares of the company’s stock valued at $8,885,000 after purchasing an additional 43,510 shares during the last quarter. Arizona State Retirement System raised its position in shares of Treace Medical Concepts by 17.1% during the 3rd quarter. Arizona State Retirement System now owns 13,097 shares of the company’s stock worth $172,000 after purchasing an additional 1,910 shares during the period. Finally, Jump Financial LLC lifted its holdings in shares of Treace Medical Concepts by 72.1% in the 3rd quarter. Jump Financial LLC now owns 67,490 shares of the company’s stock worth $885,000 after purchasing an additional 28,273 shares during the last quarter. Institutional investors own 84.08% of the company’s stock.

Treace Medical Concepts Company Profile

Treace Medical Concepts, Inc, a medical technology company, designs, manufactures, and markets medical devices in the United States. The company offers Lapiplasty 3D bunion correction system that combines instruments, implants, and surgical methods designed to surgically correct three planes of the bunion deformity.